Subject: Re: 10 year growth
Year End Book Value 11.0%
Shareholders Equity + Float + 1/2 Deferred Taxes 10.7%

Somewhat like the bumblebee. It shouldn't fly but it does anyway.

Actually they've figured out how the bumblebee can fly.

And I'm guessing Gottsman originally accepted the argument that float is equivalent to equity. So he added it to equity to make decisions. There weren't a lot of non-insurance businesses at the time.

Now one can correctly argue some changes should be made. But they seem to keep cancelling out. If price gets too far from F+B it's still a pretty good buy or sell signal.